Event Business Insurance for Event Organisers & Wedding Planners

After years spent sheltering at home and limiting public appearances, South Africans are back in the social swing of things. Businesses and individuals are revisiting long-delayed events, conferences, parties and weddings of every size and nature and South Africa's on its way to reclaiming its place as the top country[1] for hosting MICE (Meetings, Incentives, Conferences and Exhibitions) in Africa. However, South Africa is anything but predictable, and loadshedding, rising costs, and safety concerns are here to stay. To ride out any future disruptions to your bottom line, consider investing in event business insurance from First for Women. 

Discover how this type of insurance can help meet the unique needs of event organisers, wedding planners and other businesses in the MICE, wedding and tourism industries.

What are events, and what's the importance of event business insurance?

Every month people pay insurance premiums to protect their businesses. Most people usually recognise the necessity of protecting their premises, equipment and stock from theft and damage. The same is true for professionals and business owners, like eventing specialists and wedding planners, who host and manage events for a living. If you plan on managing any events for a fee, you'll need insurance to be protected. 

Event business insurance is critical for any business involved in holding public events like concerts, sports tournaments, festivals and business expos or even private events like weddings, milestone parties and year-end functions. For any event where you're being paid to host multiple attendees for a specific purpose in exchange for payment, you will benefit from having event insurance.

There are always risks involved with any business venture. You could experience the fallout of an event cancellation or accident even if you didn't plan the event yourself or weren't responsible for what took place. While businesses selling products and services might worry about risks, like business interruption due to a factory disaster, event businesses face their own challenges, including some of the following:

●     Risk management: All events create some level of risk. This can be accidental or deliberate and caused by people with malicious intent or by a random act of nature. However it might happen, and an injury or property damage can lead to liability claims — even if you weren't at fault.

●      Legal requirements: When holding a function in a public or privately owned area or with a specific number of people, you may be required to adhere to the government or area-specific rules and regulations. This can require you to have comprehensive insurance to protect you against vendor, guest or bystander third-party or liability claims.

●  Reputation management: Events that go wrong can attract negative attention and generate unflattering media coverage that could negatively impact your business or clients. Insurance can pay for public relations and media management to prevent this from happening.

What does event business insurance cover?

Now that you know the importance of event business insurance, you'll want to know its specific benefits. To meet the needs of diverse businesses, insurers can offer you several services to meet your needs. Here are a few examples:

●      Public liability insurance — this insurance covers the cost of claims levelled against you for injury or property damage. Imagine that Kris owns a small farm/event venue outside Dullstroom, where she hosts and organises weddings. A delivery van with food for the event accidentally backs into the bride's car when preparing to offload its contents. Public liability insurance protects Kris and her business by covering the car's repair costs.

●      Cancellation insurance — this insurance protects your business against events beyond your control that stop the event from proceeding or negatively impact its outcomes. What is Hannelie, a music performance organiser, had secured an in-demand DJ to play three nights at a local venue. The night before the event, the DJ misses his flight. Cancellation coverage allows Hannelie to refund event attendees and vendors for day one, allowing her to recoup any losses until the DJ arrives to play on subsequent dates.

●  Professional indemnity, error & omission insurance — this insurance protects your business against losses sustained due to a mistake made by you or an employee, be it mismanagement or miscommunication, misrepresenting your services/offerings or property or equipment loss/damage. An example of which is Sanele, a professional party planner. He plans a party for a person with severe allergies, but his assistant fails to note the dietary requirements when organising the catering. As a result, the person falls ill, and the party is cancelled. Insurance helps Sanele compensate the client and refund them for their losses without having to dip into the business's savings.

Can I get public liability insurance for one day?

Yes, ongoing event business insurance is a boon for those in the event industry. But what about businesses that hold one-day events once or twice a year and just want one-day insurance for an event? If you fall into this category, you can get public liability insurance for one day. This can provide coverage against cancellations, protect your event location against damage, and offer you public and employee liability insurance. While the coverage will be for a single day or event, it can offer you similar levels of protection to ongoing event insurance at a much lower price and without requiring an ongoing commitment.

A female entrepreneur working in the events industry can generate a lucrative income. Still, one should always be reminded that there are risks with any business, so it’s best to be prepared. 

 Get event business insurance from First for Women

Now that you know how events-related insurance can protect you and your business, there's no need to experience any uncertainty or worry about what could go wrong. A monthly fee will protect your bottom line against the unexpected, so you can focus on building your business and reaching your goals. For more information on First for Women's business insurance for event or wedding planner business insurance, request an obligation-free online quote today.

Sources:

[1] GlobalNewsWire: South Africa’s event management industry & impact of COVID-19

Disclaimer: The information in this article is provided for informational purposes only and should not be construed as financial, legal, or medical advice.